Argentinian farmers look to soybeans as corn margins suffer

Argentina will reduce its corn output next season as farmers, hobbled by high inflation and antagonistic government policies, brace for a record-high US harvest likely to trample prices and push them toward planting soybeans instead.

Lower Argentine output would affect global trade given the country’s role as a reliable corn shipper just as the US, the world’s top producer, is reducing its share of the export business.

Less corn from number three supplier Argentina would be felt most acutely in Asia, which relies on shipments from the country from April through July, when global stocks tend to run low just ahead of the US harvest.